Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the country’s premier warship builders, has released its financial results for the quarter and half year ending 30 September 2023.
GRSE – Comparing Q2 FY 24 to Q2 FY 23:
Total Income stood at Rs. 969 Crore in Q2 FY 24 as against Rs 722 Crore in Q2 FY 23, an increase of Rs. 247 Crore,registering a growth of 34%.
Revenue from operations for the Q2 FY 24 stood at Rs. 898 Crore as compared to Rs 682 Crore in Q2 FY 23, an increase by Rs. 216 Crore, registering a growth of 32%.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stands at Rs. 120 Crore in Q2 FY 24 as against Rs 89 Crore in Q2 FY 23,registering a growth of 35%.
Profit Before Tax (PBT) stood at Rs 107 Crore for Q2 FY 24 as compared to Rs 79 Crore in Q2 FY 23, registering a growth of 36%.
Profit After Tax (PAT) stood Rs.81 Crore in Q2 FY 24 as against Rs 59 Crore in Q2 FY 23, registering a growth of 37 %
Earnings per share (EPS) for the Q2 FY 24 stood at Rs 7.05 compared to Rs 5.13 in Q2 FY 23, registering a growth of 37%.
Cmde Hari PR, IN (Retd), Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited, commented on the results, saying, “We are maintaining the tempo that we set during the first quarter of FY 24, and our strong physical performance in all segments of operations has resulted in the company recording its best ever financial results for the Quarter and Half Year ending 30 Sep 2023.”
I am convinced that, with the launch of 10 of the 19 warships under construction, the shipyard will deliver quality warships to the Navy in the coming months and years, thereby boosting our nation’s maritime security. New projects such as the ‘Oceanographic Research Vessel’ for the Ministry of Earth Sciences, GoI, the ‘Green’ Electric Ferry for the Government of West Bengal, and the ‘Autonomous Surface Vessel’ for DRDO will broaden our product portfolio. Technology adoption will be a priority, both for internal efficiency improvement and new product creation.”
By cooperating with innovators and start-ups, GRSE has launched on a mission to find and stimulate the development of creative solutions toward technological improvements in shipbuilding. As part of this initiative, the Company introduced the ‘GRSE Accelerated Innovation Nurturing Scheme – 2023’ or “GAINS 2023” on May 22, 2023.The Shipyard has also inked a contract for the manufacture and supply of ten 30 mm Naval Surface Guns for the Ministry of Defence / Indian Navy worth Rs 248.5 Crore, clearing the path for the indigenisation of weapons systems for the Indian Armed Forces. On May 24, the contract was signed.
The company’s operating efficiency is also demonstrated by the launch of the third ASW SWC and fourth SVL on June 13, 2023. On July 23, GRSE deployed an autonomous underwater vehicle (AUV). The Hon’ble President of India, Smt. Droupadi Murmu, launched the third warship of the famous project P17 A on August 17, 23. GRSE manufactures Portable Steel Bridges, as well as Deck Machinery and engine assembly, overhaul, and testing. In addition, GRSE has signed a Memorandum of Understanding (MoU) with the Border Roads Organisation (BRO) for the supply of 30 double-lane modular bridges. This is in addition to BRO’s previous order with GRSE for 30 similar bridges. A solid order book combined with a clear